SWISSRELO, YOUR PARTNER IN SWITZERLAND BASED IN SION, ZUG & ZÜRICH. REAL ESTATE, COMPANY FORMATION, SUM LUMP TAXATION, RELOCATION TO SWITZERLAND, REAL ESTATE, EXECUTIVE SERVICES. BUYING A PROPERTY IN SWITZERLAND. SELLING YOUR PROPERTY IN SWITZERLAND. REAL ESTATE & FINANCIAL SERVICES IN SWITZERLAND.
BANK SECRECY
The country's tradition of bank secrecy, which dates to the Middle Ages, was first codified in a 1934 law (the Swiss Banking Act). The principle of bank secrecy is sometimes considered one of the main aspects of private banking.
Swiss bankers are under obligation to keep any information about you or your account strictly confidential. Any banker who reveals information about you without your consent risks several months in prison. Swiss bank secrecy is similar to confidentiality protections between doctors and patients or lawyers and their clients. The Swiss government views the right to privacy as a fundamental principle that should be protected by all democratic countries.
Bank secrecy is not lifted for tax evasion. As Switzerland does not consider failure to report or underestimation of income or assets on a tax return to be a crime, it does not comply with any requests for judicial cooperation (also known as mutual assistance) from other governments. As such, neither the Swiss government, nor any other government even with an official request, can obtain information about your bank account. Swiss law distinguishes between tax evasion and tax fraud. Tax fraud (falsified documents, sharp practice) is considered a crime in Switzerland as well. In this case, a judge with jurisdiction can lift bank secrecy and judicial cooperation can be granted. Under Swiss law, banks in general do not cooperate in proceedings of misdemeanours, but only of offences. A Swiss judge can only lift the banks obligation of secrecy if he is convinced by national or international authorities that there is sufficient evidence of a criminal offence.
The country's tradition of bank secrecy, which dates to the Middle Ages, was first codified in a 1934 law (the Swiss Banking Act). The principle of bank secrecy is sometimes considered one of the main aspects of private banking.
Swiss bankers are under obligation to keep any information about you or your account strictly confidential. Any banker who reveals information about you without your consent risks several months in prison. Swiss bank secrecy is similar to confidentiality protections between doctors and patients or lawyers and their clients. The Swiss government views the right to privacy as a fundamental principle that should be protected by all democratic countries.
Bank secrecy is not lifted for tax evasion. As Switzerland does not consider failure to report or underestimation of income or assets on a tax return to be a crime, it does not comply with any requests for judicial cooperation (also known as mutual assistance) from other governments. As such, neither the Swiss government, nor any other government even with an official request, can obtain information about your bank account. Swiss law distinguishes between tax evasion and tax fraud. Tax fraud (falsified documents, sharp practice) is considered a crime in Switzerland as well. In this case, a judge with jurisdiction can lift bank secrecy and judicial cooperation can be granted. Under Swiss law, banks in general do not cooperate in proceedings of misdemeanours, but only of offences. A Swiss judge can only lift the banks obligation of secrecy if he is convinced by national or international authorities that there is sufficient evidence of a criminal offence.
Bank secrecy will not be lifted for private matters, such as inheritance or divorce if you have kept your banking information strictly confidential. It is up to plaintiffs to prove that the account exists if they wish the judge to pursue the case.
On the other hand, the bank secrecy does not protect crime money. The Swiss banks have no interest to accept criminal funds. One must consider the money laundering international laws which exist in Switzerland as well, which refer to criminal matters such as drug trafficking or gun smuggling. Thus, bank secrecy is not an obstacle in the fight against serious crime. The majority of cases for which bank secrecy is lifted fall under this category.
